Why Mohawk Industries (MHK) Stock Is Trading Up Today

Kayode Omotosho /
2024/02/12 12:15 pm EST

What Happened:

Shares of flooring manufacturer Mohawk Industries (NYSE:MHK) jumped 6% in the morning session after Deutsche Bank upgraded the stock's rating from Hold to Buy and raised the price target from $98 to $152. The new price target represents a potential 30% upside from where shares traded when the upgrade was announced.

Is now the time to buy Mohawk Industries? Access our full analysis report here, it's free.

What is the market telling us:

Mohawk Industries's shares are somewhat volatile and over the last year have had 9 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Mohawk Industries is up 10.6% since the beginning of the year, and at $116.48 per share it is trading close to its 52-week high of $119.75 from February 2023. Investors who bought $1,000 worth of Mohawk Industries's shares 5 years ago would now be looking at an investment worth $813.68.

Do you want to know what moves the stocks you care about? Add them to your StockStory watchlist and every time a stock we cover moves more than 5%, we provide you with a timely explanation straight to your inbox. It's free and will only take you a second.